Eastern Union’s production of agency loans is on an upward slope, particularly in markets where the non-recourse high-leverage deals are far more competitive than products offered by regional lending sources.
The company just closed its second Illinois loan in as many months with a $$6.742 million 12-year non-recourse loan for Strategic Properties of North America’s (SPNA) purchase of a 15-story apartment building, housing 110 units – located on Main Street in Rockford, IL..
Locked in at 4.35 percent with one year interest only, the financing covers roughly 80 percent of the borrower’s costs. The loan was provided by a national direct lender and will be securitized through Fannie Mae.
Eastern Union’s President Ira Zlotowitz and Senior Managing Director Meir Kessner originated and closed the loan.